Ethical Finance Innovation Challenge & Awards

The 2016 Ethical Finance Innovation Challenge & Awards (EFICA), an Abu Dhabi Islamic Bank (ADIB) and Thomson Reuters’ initiative, has chosen six finalists from around the world for its second round of judging.


There will be a host of countries are represented in the final lineup of entrants, from the United Arab Emirates, United States, United Kingdom, Malaysia, and Sudan; finalists represent a variety of fields, including fintech, crowdfunding, recycling, and training programs. 


In its fourth year, EFICA has received over 100 entries from across the world. The six finalists chosen for the second round are: Ali Tamim Amin, IRADA Company; Atif R. Khan, Ethica Institute of Islamic Finance; Christopher Blauvelt, LaunchGood; Irfan Khan, Yielders; Umar Munshi,; and Ziyaad Mahomed, IFISA.


“EFICA continues to inspire people to come up with innovative and practical solutions to promote sustainability, ethical finance and social responsibility. The quality of the six initiatives that we have chosen for this round serve as clear evidence that people are reinforcing our vision to promote finance for the benefit of communities around the world,” said Tirad Al-Mahmoud, CEO of ADIB. “We are proud to be rewarding such initiatives and playing a role in expanding the possibilities of ethical finance.”


“We are delighted to host the fourth round of EFICA in recognition of innovative world-class business initiatives that are sharia-compliant. Thomson Reuters is very proud to be one of the key players promoting the great value of Islamic Economy along with our strategic government partners. Together, we look forward to contributing to the development of a nourishing global Islamic Economy,” added Nadim Najjar, Managing Director, Middle East & North Africa, Thomson Reuters.


The EFICA awards are being given in two categories this year: the Ethical Finance Initiative Award, and the Lifetime Achievement Award. The Ethical Finance Initiative Award carries a $100,000 prize, and is for innovative solutions or initiatives that promote ethical practice and inspire real change in the financial services industry.


The Lifetime Achievement Award, with a prize of $25,000, celebrates an outstanding institution or individual that has significantly helped to shape the world of financial services, by applying ethical principles.


The six finalists will present in front of a panel of judges in Abu Dhabi on the 6th of September. An advisory board of Islamic scholars and financial experts comprise the judging panel, and will choose the top 3 entrants to advance to the final round of judging. The 3 finalists will then present their projects to an audience at the Gala dinner to be held on the 26th of October this year in Dubai. The audience will choose the winners through a public vote.



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